LAVAL, QC and CAMBRIDGE, England, Sept. 1, 2022 /PRNewswire/ – Liminal BioSciences Inc. (NASDAQ:LMNL) (“Liminal BioSciences” or the “Company”) announced today that it received confirmation from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that the Company’s application to transfer its common shares from The Nasdaq Global Market to The Nasdaq Capital Market, as allowed under Listing Rule 5810(c)(3)(A), had been approved.
The Company’s common shares will begin trading on The Nasdaq Capital Market effective at the start of trading on September 6, 2022. The Company’s shares will continue to trade on Nasdaq under the symbol “LMNL”. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and companies on the Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing.
As previously disclosed on March 4, 2022, the Company had received a written notice from the Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules and had been granted a 180-day compliance period to comply with the minimum bid price requirement.
In connection with the transfer to the Nasdaq Capital Market, Nasdaq granted the Company a second period of 180 calendar days, or until February 27, 2023, to regain compliance with the minimum bid price requirement for continued listing by achieving a closing bid price on Nasdaq of at least $1.00 per share for a minimum of ten consecutive trading days.
Nasdaq’s decision to approve the Company’s application to transfer to The Nasdaq Capital Market was based on the Company meeting the listing requirements of The Nasdaq Capital Market with the exception of the minimum bid requirement. The Company provided Nasdaq with its written intent to cure the minimum bid price deficiency during the additional compliance period by implementing a reverse stock split, if necessary, prior to the expiration of the second compliance period.
The Company intends to continue to actively monitor its compliance with the minimum closing bid price requirement and, evaluate available options to regain compliance.
